Home / Daily Digest / Daily Digest – November 20. Professor Concludes Financial Choice Act Would Undo Most CFPB Enforcement Actions; Healthcare Debts Forcing More Older Americans Into Bankruptcy

Daily Digest – November 20. Professor Concludes Financial Choice Act Would Undo Most CFPB Enforcement Actions; Healthcare Debts Forcing More Older Americans Into Bankruptcy

The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide. 

PROFESSOR CONCLUDES FINANCIAL CHOICE ACT WOULD UNDO MOST CFPB ENFORCEMENT ACTIONS

  • A law professor at the University of Utah has gone back and analyzed what the Financial Choice Act would have done to the actions of the Consumer Financial Protection Bureau had the bill been law dating back to the start of the federal agency. For example, based on the analysis, 41% of cases against debt collectors would have been eliminated and 97.4% of cases against collectors would have been either eliminated or seriously weakened.

 

HEALTHCARE DEBTS FORCING MORE OLDER AMERICANS INTO BANKRUPTCY

  • Medical debt is forcing more and more older Americans into filing for bankruptcy protection. While still making up only a small percentage of all bankruptcy filers, more Americans over the age of 65 are filing for protection and medical debt is listed as the number one reason.

 

CFPB SUES THINK FINANCE FOR ALLEGEDLY COLLECTING ON ILLEGAL LOANS

  • The Consumer Financial Protection Bureau last week sued Think Finance, an online lending platform, for allegedly charging higher-than-allowed interest rates and making loans in states where a license is required. The company allegedly illegally collected more than $56 million in principal and interest.

 

FORMER SANTANDER CEO TO RECEIVE $713 MILLION SEVERANCE PACKAGE

  • Thomas Dundon, the former head of Santander Consumer USA, will receive more than $700 million in severance from the lender. Dundon left the company back in 2015. He will actually receive $942 million, but has to repay a $290 million loan he received from the company.

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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide. 

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